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Field annuity bill wants clients told of all rates

Labour MP Frank Field has tabled a bill which aims to force annuity providers to supply policyholders with competitors&#39 rates when buying an annuity.

It comes as the Government continues to hold highlevel talks with industry exp-erts about extending access and advice to annuities.

The Treasury last week held a meeting with 25 industry figures, including representatives from IFAs, providers, consultancies, thinktanks and unions, where ideas such as a one-size-fits-all product advocated by Britannic Retirement Solutions were welcomed by Treasury economic secretary Ruth Kelly.

A web-based annuity advice service being developed by Annuity Direct and workplace advice funded by commission built into annuity products were also greeted favourably by Kelly, says an industry source who attended the meeting.

Following the meeting, Kelly said annuities are connected to the Sandler, Pickering and polarisation rev-iews leading to speculation from IFAs the Government does not plan to take action until 2004.

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